Intel’s shares rose 5% Monday after the company announced the 63-year-old Gelsinger, who began his career at the chipmaker in 1979, had retired from the position of chief executive and also stepped down from the board of directors.

Intel Monday announced CEO Pat Gelsinger has resigned after a difficult three-year stint at the company. The once-dominant chipmaker’s stock cratered as it missed the AI boom and was surpassed by most of its rivals.

Intel's (INTC) announcement this morning that Pat Gelsinger stepped down from leading the semiconductor giant should be followed up with radical change. Read for more.

Intel Corp. Chief Executive Officer Pat Gelsinger was forced out after the board lost confidence in his plans to turn around the iconic chipmaker, adding to turmoil at one of the pioneers of the technology industry.